Warren Ballentine, NBA Launch “The People’s Economic Movement”

Syndication One talker Warren Ballentine is teaming with The National Bankers Association (NBA), the organization which represents African-American banks and banking executives, to spearhead a national campaign to get minorities and other consumers in the urban areas to bank with minority banks. The campaign, called “The People’s Economic Movement,” is planned to coincide with the unveiling of the Dr. Martin Luther King, Jr. memorial statue in Washington, D.C. August 28, 2011. According to Michael Grant, president of the NBA, “This self-help, empowerment movement is designed to stimulate much-needed economic development at our nation’s urban core. By depositing their money in minority banks, getting mortgages, small business loans or loans for college tuition from banks in their communities, consumers begin a process of harnessing the economic strength of the masses in a way that creates direct benefits to their communities which are still suffering from the worst economic crisis since the Great Depression.”

Ballentine explained, “This recession has created not a moment in time but a movement in time. Community economic development will only come with an intelligent and targeted approach to managing money. By investing their money in the minority banks in their own communities, consumers will begin to see how to make capitalism work in their favor.”

The National Bankers Association is a consortium of African-American, Hispanic-American, Asian-American and Native-American owned banks. The association’s member banks operate branches in 29 cities located across America.

15 Comments:

Would like to know where I can get more information about this much needed movement. I currently reside in Philadelphia Pa. and started Where There Is A Will There is A Way Small Business Assistance where we help small business establish generational wealth and a web presences on a shoestring budget. They are able to create residual income from day one of publishing their web site. We also HR and Credit Counseling as a package deal. I am currently working on the website and shall publish WhereThereIsAWill.info by the weekend hopefully. I would like to include information about this movement and the importance in supporting black owned business. Please send info to Alicia@makeithap-pen.com, thanks for taking the time to address this issue and I look forward to hearing from someone and hopefully creating a partnership.

I am 23 year old single mother from Hot Springs, AR. Lately, I’ve been reading and researching different methods to making better decisions about my finances. I find that Black people spend their money recklessly. And as soon as I read this article, the first thing that came to mind was “abuse”. A lot of Black people abuse their money and opportunities to save, raise/maintain their credit score, and recieve loans. I do think that ANYTHING Black owned is a good step, but first, we as a people need proper education about MONEY, INVESTING, & CREDIT. It is a problem stemming all the way back to how our ancestors have mishandled money. Let’s start there please. Also, this country is run by people who are NOT Black. So either way, those Black owned banks do NOT belong to us. It doesn’t matter WHO you bank with, having money to put into those banks is the first issue. Our generation needs a more in depth understanding on receiving the proper education and not living beyond our means like a large percentage of us have watched our parents do.

Black people don’t support each other anyway..thats the problem we put each other down,HATE, we rather befriend someone of another race and be loyal to them,then our own! Every race sticks together bt us!!!

everyone should do there research. Black owned banks thrived during segregation. When we didnt have any option to put our option elsewhere, we put it in our own banks and made our own people rich, provided low rates, and actually had more Black millionaires than we do now. Not saying segregation was right, just, or better at all, just saying it has been done before.

Confetti, it is good that you have an opinion but when you say black people are mentally handicapped I strongly disagree with that. I believe we as people tend to make blanket statements according to our immediate surroundings, but where we live only represents a small portion of the whole. Blacks are the decendants of the first known civilized people in the world, the origin of all mankind. We need to band together and see ourselves as one instead of individuals. Blacks do not need to “act” civilized and smart, beacause were always civilized and we are brilliant. Some of us are angry and do not know how to constructively channel that energy, so it translates to the naked untrained eye as uncivilized and unsmart. It trakes a village to raise a child, a woman to be a mother, and a man to be a father. Unfortunately some of us do not have those components and are forced to play the hand we are dealt. I am a firm believer in teamwork making the dream work. So I suggest instead of judging from the sidelines jump in and start coaching!

I agree with Lisa 100%. Jus_Sayin, Lisa never put any blame on white folk. To even utter the words “black people are poorly educated and do stupid sh**” shows how you feel about yourself, and how little you know about the world. This statement is not representative of all Black people, rather African people; who we really are, living in America. People no matter what their race and ethnicity do stupid sh** and are poorly educated also, so do you research. When we were segregated we owned our own businesses, schools, restaurants, etc., we were productive, proud and supportive of one another. We need to invest in ourselves and build our own establishments. “White” institutions and establishments have economic power because they invest in themselves. Jews, Asians, and even Latino’s, to name a few have their own businesses with resources to help decrease the disparity amongst their population versus the “majority” why can’t we? We must learn to retrain our brains, stop the stinking thinking, and free ourselves from the mental programming created by Willie Lynch. Are we so afraid to succeed that we are not willing to try?

Lisa it’s not the white peoples fault black people are poorly educated and do stupid shit,a black owned bank for black people is hilarious…I predict another BLACK Friday,when the stock market crashed hahaha

All I heard was “black owned bank” from mediatakeout. Thats the worse idea Ive ever heard. When more blacks can act civilized and smart it would be fine. But sadly majority of my community is um….mentally handicapped. I woudlnt give them my money. Sad isnt it? But it’s true. They’d probably be stealing it and taking peoples idenities lol

The problem is integration has been oversold. Many African Americans believe if the adopt white peoples values, live next to white people, go to school with white people, they would be alright. Despite the civil rights laws and integration, black people are still at the bottom economically and educationally. We as black people need to start loving ourselves and stick together. It is time to lift our selves up by starting our own businesses and cater and nurture our communities.

NO!!!! California needs to stop being fraudgulent,the only people in a “recession” is US! The people struggling to make it,working pay check to pay check. They raise everything.. I mean everything BUT PAY/RAISE!! We are in a recession but yet things just get higher. It’s 2011 we shouldn’t be having these problems,they update technology every week!!!!!! ?? We need more carpool lanes! Fix our streets, not just in the rich communities. Where are all the jobs!?? They get you to check into these schools that are 9months and can get you a career but they LIE! They aren’t any jobs out there and they know it! Believe me I’m an Medical Assistant graduated almost 6months ago next month and havent found a job yet,the school is of no help,none! Bt they want their money next
month! It’s ridiculous.. .IF anything we need to speak up!! ALL OF US..We should be able to put our money in ANY bank and trust them.BT you can’t these people can close today and your money is gone.These homes they get people in these homes they know they cant afford live in there a few years then there mortgage ballons!!? But in two weeks there talking about laying off!! There needs to be a lot of change, and it starts with us! If we continue to pay for these things they continue to raise the price even CHIPS!! Have went up lol they uses to be 2.49 For the big bag a few years ago.Now there 4.29/$3.49 for what?? It’s junk leave it at $2.00 that way everyone can buy them..food too mark these things down,WE ALL NEED TO EAT!! Bt you notice they will give the rich things for FREE! BT if we don’t buy that bacon..they can mark down they throw it in the trash?? Instead of selling it for a reasonable price…TAX PAYERS GET YOUR PRIORITIES TOGETHER!!! SPEAK UP! GO TO THOSE MEETINGS!! WRITE A LETTER TO THE MEDIA WITH YOUR GROUP OF PEOPLE ONLY ONE CAN’T GET THE JOB DONE!!!